The Nigerian federal government has successfully secured access to around $500 million in funding aimed at kickstarting a local funding initiative to enhance innovation and entrepreneurship within the nation's digital sector.

Bosun Tijani, Minister of Communications and Digital Economy, unveiled this achievement during a special dinner hosted in partnership with the World Bank in Abuja on Friday. In addition to this funding milestone, the World Bank is set to collaborate with the National Identity Management Commission (NIMC) to introduce digital national IDs for 148 million Nigerians by June 2024, as reported by ThisDay.

The Minister highlighted the government's intention to keep the local funding within Nigeria, ensuring that it directly benefits authentic Nigerian businesses. He also mentioned that collaboration with the Bank of Industry (BOI) would be a part of this endeavour.

The Minister expressed his ambition to work alongside firms that would ensure the funds reach Nigerian businesses and attract more investors, thereby augmenting the financial resources available to local enterprises operating within the digital sector.

Bosun Tijani, Minister of Communications and Digital Economy

Tijani articulated,

So, we've got access to about half a billion dollars to start local funding. And part of my responsibilities is working with BOI to ensure that we domicile that funding locally in Nigeria, work with firms who manage and invest in businesses to ensure that those businesses that will benefit are true, real Nigerian businesses.

Tijani underscored the objective of expanding the available funds over time, enabling more Nigerian innovators to access resources.

So, the government is not just going to put half a billion and that's it, it can actually bring more investors to heart as we have more money more of our innovators can have access to resources,

he emphasized.

Shubham Chaudhuri, the World Bank Country Director for Nigeria, reiterated the organization's commitment to eradicating poverty, enhancing livelihoods, and creating employment opportunities for the nation's youth. During the dinner, Chaudhuri emphasized the necessity of leveraging digital technologies for transformation.

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Chaudhuri elaborated on two key areas of collaboration with Nigeria: the establishment of a digital national ID as the cornerstone for digital transformation, and partnership with the NIMC to ensure the successful rollout and registration of digital national IDs for all Nigerians. The World Bank aims to provide a digital national ID to at least 148 million working-age individuals by mid-next year, a significant stride towards inclusivity and accessibility.

Our main mission here in Nigeria is to eliminate poverty, make lives better, and create jobs for all Nigerian youth. One of the areas that we think has the greatest potential is the area of using digital technologies to transform. Now to do that it begins with having this digital national ID,

Chaudhuri stated.

He also noted the World Bank's support for broadband infrastructure to enhance connectivity, highlighting its role in bridging the digital divide. Chaudhuri emphasized the importance of policies and regulations that encourage private investment in the broadband space, along with the reduction of fees associated with laying fibre optic cables.

The collaboration with NIMC and the broader digital initiatives represent significant steps towards harnessing technology's potential for positive change and economic growth in Nigeria.